Notice2022-20780
Agency Information Collection Activities; Submission for OMB Review; Comment Request; Departmental Offices
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 26, 2022
Issuing agencies
Treasury Department
Abstract
The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other federal agencies to comment on proposed or continuing information collections, as required by the Paperwork Reduction Act of 1995.
Full Text
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<title>Federal Register, Volume 87 Issue 185 (Monday, September 26, 2022)</title>
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[Federal Register Volume 87, Number 185 (Monday, September 26, 2022)]
[Notices]
[Pages 58436-58437]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-20780]
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DEPARTMENT OF THE TREASURY
Agency Information Collection Activities; Submission for OMB
Review; Comment Request; Departmental Offices
AGENCY: Departmental Offices, Department of the Treasury.
ACTION: Notice.
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SUMMARY: The Department of the Treasury, as part of its continuing
effort to reduce paperwork and respondent burden, invites the general
public and other federal agencies to comment on proposed or continuing
information collections, as required by the Paperwork Reduction Act of
1995.
DATES: Comments should be received on or before October 26, 2022 to be
assured of consideration.
ADDRESSES: Written comments and recommendations for the proposed
information collection should be sent within 30 days of publication of
this notice to <a href="http://www.reginfo.gov/public/do/PRAMain">www.reginfo.gov/public/do/PRAMain</a>. Find this particular
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.
Copies of the submissions may be obtained from Melody Braswell by
emailing <a href="/cdn-cgi/l/email-protection#613133202115130400121413184f060e17"><span class="__cf_email__" data-cfemail="f8a8aab9b88c8a9d998b8d8a81d69f978e">[email protected]</span></a>, calling (202) 622-1035, or viewing the
entire information collection request at <a href="http://www.reginfo.gov">www.reginfo.gov</a>.
SUPPLEMENTARY INFORMATION:
Title: Emergency Capital Investment Program Initial Supplemental
Report and Quarterly Supplemental Report.
OMB Control Number: 1505-0275.
Type of Review: Revision of a currently approved collection.
Description: Authorized by the Consolidated Appropriations Act,
2021, the Emergency Capital Investment Program (ECIP) was created to
encourage low- and moderate-income community financial institutions to
augment their efforts to support small businesses and consumers in
their communities. Under the program, Treasury will provide
approximately $8.75 billion in capital directly to depository
institutions that are certified Community Development Financial
Institutions (CDFIs) or minority depository institutions (MDIs) to,
among other things, provide loans, grants, and forbearance for small
businesses, minority-owned businesses, and consumers, especially in
low-income and underserved communities, that may be disproportionately
impacted by the economic effects of the COVID-19 pandemic.
ECIP capital is eligible for a reduction in the dividend or
interest rate payable on the instruments depending on the increase in
lending by the recipients of the capital (Recipients) within minority,
rural, and urban low-income and underserved communities and to low- and
moderate-income borrowers over a baseline amount of lending. Recipients
are required to submit an Initial Supplemental Report and quarterly
reports to determine their increase in lending to the specified
targeted communities over the baseline and therefore their
qualification for rate reductions on the dividend or interest rates
payable on the ECIP instruments. In addition, these reports will
collect data necessary for Treasury and other oversight bodies to
evaluate program outcomes over time. Treasury uses the Initial
Supplemental Report to establish a baseline amount of qualified
lending.
Treasury proposes to continue use of this form to collect
additional or restated data on a Recipient's amount of baseline
lending, such as in connection with mergers, acquisitions, or other
business combinations. Instructions may be modified from time to time
to accommodate these uses. Treasury proposes to use the Quarterly
Supplemental Report to collect the information required to establish a
[[Page 58437]]
Recipient's increase in lending. The Quarterly Supplemental Report has
two components: (1) schedules which must be completed each quarter that
collect data on activity for the preceding quarter and (2) schedules
that collect data on the preceding four quarters of activity that are
submitted annually. There are separate schedules and instructions for
insured depository institutions, bank holding companies, and savings
and loan holding companies; and credit unions.
Quarterly Report Schedules: Recipients of ECIP investments will be
required to submit two schedules on a quarterly basis. Schedule A--
Summary Qualified Lending is used to collect the Qualified Lending and
Deep Impact Lending, as defined in the Glossary in the Instructions to
the Quarterly Supplemental Report, of a Recipient for a given quarter.
Schedule A is therefore used to establish the growth in a Recipient's
Qualified Lending over its baseline Qualified Lending for the purposes
of calculating the payment rate on the ECIP preferred shares or
subordinated debt issued by the Recipient. Schedule B--Disaggregated
Qualified Lending is used to present further detail on the composition
of the Participant's Qualified and Deep Impact Lending.
Annual Report Schedules: Annually, Recipients will report on up to
ten (10) additional schedules, depending on the origination activity
that took place during the prior year. Schedule C--Additional
Demographic Data on Qualified Lending collects additional demographic
data on certain categories of Qualified Lending and Deep Impact
Lending. Schedule D--Additional Place-based Data on Qualified Lending
collects additional geographic data on certain categories of Qualified
Lending and Deep Impact Lending.
Forms: Initial Supplemental Report and Instructions, Quarterly
Supplemental Report Instructions and Schedules.
Affected Public: Recipients of investments through the Emergency
Capital Investment Program.
Estimated Number of Respondents: 190 (5 for the Initial
Supplemental Report; 185 for the Quarterly Supplemental Report).
Frequency of Response: Initial Supplemental Report--One time
annually; Quarterly Supplemental Report--Four times annually for
Schedules A and B, Annually for Schedules C and D.
Estimated Total Number of Annual Responses: Initial Supplemental
Report--5; Quarterly Supplemental Report--740 for Schedules A & B and
185 for Schedule C and D.
Estimated Time per Response: 8 hours annually for the Initial
Supplemental Report; 40 hours annually for the Quarterly Supplemental
Report Schedules A & B + 120 hours for Schedules C & D.
Estimated Total Annual Burden Hours: 29,640.
Request for Comments: Comments submitted in response to this notice
will be summarized and included in the request for Office of Management
and Budget approval. All comments will become a matter of public
record. Comments are invited on: (a) whether the collection of
information is necessary for the proper performance of the functions of
the agency, including whether the information shall have practical
utility; (b) the accuracy of the agency's estimate of the burden of the
collection of information; (c) ways to enhance the quality, utility,
and clarity of the information to be collected; (d) ways to minimize
the burden of the collection of information on respondents, including
through the use of technology; and (e) estimates of capital or start-up
costs and costs of operation, maintenance, and purchase of services
required to provide information.
In addition, Treasury seeks comments on the following:
1. For the Quarterly Supplemental Report, Treasury is considering
updating the datasets used to identify certain place-based targeted
communities periodically, based on availability. For example, from time
to time, updated Area Median Income data is published by the Census
Bureau or other relevant data sources. Recipients would be required to
use this new data in order to classify originations going forward. How
frequently should Treasury update this data--never, annually, every
five years, some other time period? Treasury anticipates that a
transition period would be implemented each time such reference data is
updated. Would a one-year transition period be sufficient?
2. Treasury welcomes comments on sources of data through which
origination data requested by ECIP is already reported to the federal
government and for which Treasury may determine that collection of the
data by the Quarterly Supplemental Report represents a duplication of
reporting.
3. Are there additional data points that Treasury should consider
collecting, in addition to those proposed?
4. Treasury seeks comments on the instructions or other guidance
that would be helpful to Recipients to better understand their
reporting obligations on the Initial Supplemental Report or Quarterly
Supplemental Report.
Authority: 44 U.S.C. 3501 et seq.
Melody Braswell,
Treasury PRA Clearance Officer.
[FR Doc. 2022-20780 Filed 9-23-22; 8:45 am]
BILLING CODE 4810-AK-P
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